South Carolina General Assembly
116th Session, 2005-2006

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Bill 553

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COMMITTEE REPORT

May 25, 2005

S. 553

Introduced by Senator Hawkins

S. Printed 5/25/05--H.    [SEC 5/26/05 2:19 PM]

Read the first time May 24, 2005.

            

THE COMMITTEE ON INVITATIONS AND MEMORIAL RESOLUTIONS

To whom was referred a Concurrent Resolution (S. 553) requesting the Congress of the United States to enact no increases in payroll taxes, no cuts to social security benefits, and optional social security personal retirement, etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass:

ROBERT W. LEACH, SR. for Committee.

            

A CONCURRENT RESOLUTION

REQUESTING THE CONGRESS OF THE UNITED STATES TO ENACT NO INCREASES IN PAYROLL TAXES, NO CUTS TO SOCIAL SECURITY BENEFITS, AND OPTIONAL SOCIAL SECURITY PERSONAL RETIREMENT ACCOUNTS.

Whereas, sweeping demographic shifts have led to cost increases and the current Social Security system is facing insolvency; and

Whereas, when the original pay-as-you go program was setup there were forty-two workers per retiree. Now there are only three workers per retiree and that ratio will soon drop to about two to one; and

Whereas, without significant changes costs will exceed revenues in 2018 and the system will not be able to pay any benefits by 2042. The resulting effect will be that anyone born after the year 1970 will not receive any Social Security benefits; and

Whereas, to remedy this situation under the current system would require either a fifty percent tax increase on every working American or a thirty percent benefit cut; and

Whereas, allowing younger workers to invest a portion of their income in personal retirement accounts would facilitate a greater rate of return and retirement security while avoiding any benefit cuts and/or tax increases. Now, therefore,

Be it resolved by the Senate, the House of Representatives concurring:

That the members of the South Carolina General Assembly, by this resolution, request the Congress of the United States to enact no increases in payroll taxes, no cuts to Social Security benefits, and optional Social Security Personal Retirement Accounts.

Be it further resolved that a copy of this resolution be forwarded to the United States Senate, the United States House of Representatives, and to each member of the South Carolina Congressional Delegation.

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